The Chamber of Progress, a tech industry coalition, has called on President Joe Biden to support comprehensive cryptocurrency regulation, calling it a crucial step in his administration’s effort to engage young voters ahead of the upcoming U.S. presidential election.
In a letter The House on Tuesday highlighted the growing importance of digital assets to a significant portion of the electorate, noting that more than 18 million Americans currently hold or trade cryptocurrencies.
The letter highlighted the particular importance of this initiative to Gen Z and Millennial voters, with more than 50 percent of these demographics supporting federal policies that encourage the use of digital resources.
The House’s call underscores longstanding concerns among cryptocurrency industry participants for clearer regulation of the sector as the U.S. presidential election in November approaches.
“We believe this represents a critical opportunity for your administration to take leadership on an issue that young voters care deeply about,” wrote Kyle Bligen, director of finance policy.
The House praised Biden’s 2022 Executive Order to ensure responsible development of Digital resources but criticized the current regulatory landscape, calling it uncertain and harmful to both investors and innovation.
They pointed to the actions of Biden-appointed Securities and Exchange Commission Chairman Gary Gensler, whose stance on regulating digital assets under existing securities laws has faced widespread criticism. legal challenges.
“Consumers have suffered through a period of regulatory uncertainty that has devalued the digital assets they own and limited their utility,” Bligen wrote.
Bligen cited recent lawsuits against major cryptocurrency exchanges as examples of the SEC’s controversial approach.
Despite bipartisan support in Congress for clearer regulatory frameworks, including the recently passed Financial Innovation and Technology for the 21st Century Act ActThe House expressed disappointment at the administration’s opposition to such measures.
The letter also highlighted the political implications of cryptocurrency regulation in the upcoming elections.
Former President Donald Trump capitalized on the current administration’s regulatory ambiguity, changing his previous stance on cryptocurrencies and positioning himself as a champion of American technological leadership.
Trump has won significant support from cryptocurrency investors and founders, promising to take a non-interventionist approach and end the “repression” on the sector.
“With 18 million voters and an election on the line, now is the time to speak out in support of bipartisan progress on digital asset regulation,” Bligen wrote.
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